The average rate on a 30-year fixed mortgage dropped to 6.08% the week ending September 26, 2024, the lowest level in two years, according to Freddie Mac. Rates have fallen one and a half percentage points over the past 12 months, and buying power has increased significantly as a result, with Realtor®.com reporting the typical homebuyer could afford a home priced $74,000 higher than the October 2023 median sales price for the same monthly payment.
In the Twin Cities region, for the week ending September 28:
• New Listings increased 11.5% to 1,337
• Pending Sales increased 4.4% to 935
• Inventory increased 12.3% to 10,293
For the month of August:
• Median Sales Price increased 2.2% to $388,500
• Days on Market increased 21.2% to 40
• Percent of Original List Price Received decreased 1.3% to 98.7%
• Months Supply of Homes For Sale increased 17.4% to 2.7